Biden planning first major tax hike in almost 30 years

Discussion in 'Current Events' started by cd8ed, Mar 15, 2021.

  1. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    President Biden is reportedly planning the first major hike in federal taxes in almost 30 years to fund the economic program set to follow the recently approved $1.9 trillion pandemic stimulus package.

    The planned increases reportedly include: raising the corporate tax from 21 percent to 28 percent; increasing the income tax rate on people making more than $400,000; expanding the estate tax; paring back tax preferences on pass-through businesses such as limited-liability companies; and setting up a higher capital gains tax rate for individuals making at least $1 million.

    As Bloomberg notes, an independent analysis of the Biden campaign's tax plan conducted by the Tax Policy Center found that it would raise around $2.1 trillion over 10 years.[TheHill]​

    Biden seems to be keeping more campaign pledges such as the no income tax increase on individuals making under $400,000 per year. He also seems to be targeting the trump tax “cuts” that primarily benefit the very wealthy and phase out completely for the middle class by 2025 which was a “day one” pledge.

    $2.1T will pay for a little over one of the three stimulus packages within the last year. Hopefully we will see some cuts in the more bloated areas soon coupled with elimination of many of the tax loopholes.

    Some are concerned about the corporate tax rate increase but looking at Amazon, Delta, Chevron, GM and hundreds of other corporations that already have a negative tax rate (due to write offs/deductions) does this rate really impact these companies?

    Too far? Not far enough?
     
    mdrobster likes this.
  2. Bluesguy

    Bluesguy Well-Known Member Donor

    Joined:
    Jun 13, 2010
    Messages:
    140,189
    Likes Received:
    34,035
    Trophy Points:
    113
    Gender:
    Male
    And what happened after Bill Clinton's 1993 tax increase. Clinton came into office on a STRONG uptick in the economy which had recovered from a recession. Although there was strong revenue growth already he decided to raise tax rates. So what happened?

    1990 1,032.0 4.1% <- Democrats tax increase agreed to by Bush for spending cuts the Dems never passed
    1991 1,055.0 2.2%
    1992 1,091.2 3.4%
    1993 1,154.3 5.8% <- Clinton tax increase signed AUGUST 1993 however
    "Taxpayers who owed additional 1993 taxes due to the
    OBRA93 tax rate increases were given the option of
    deferring payment of two-thirds of the tax that was in
    excess of the tax that would have been owed at the 31
    percent rate. Half of the deferral taxes were to be paid in
    1995 and the remaining half in 1996 [2].
    http://www.irs.gov/pub/irs-soi/93inintrts.pdf
    1994 1,258.6 9.0%
    1995 1,351.8 7.4% <- Even with the differed tax revenues now due revenue growth slow
    1996 1,453.1 7.5%
    1997 1,579.2 8.7% -> Gingrich/Kasich tax rate cuts
    1998 1,721.7 9.0%
    1999 1,827.5 6.1%
    2000 2,025.2 10.8%
    2001 1,991.1 -2%
    2002 1,853.1 -7%
    2003 1,782.3 -4% Bush tax rate cuts begin implimentation
    2004 1,880.1 5% Bush tax rate cuts fully implimented
    2005 2,153.6 15%
    2006 2,406.9 12%
    2007 2,568.0 7% <- Dems take back the Congress
    2008 2,524.0 -2%
    2009 2,105.0 -17%
    2010 2,162.7 3%
    2011 2,303.5 7% <- Republicans take back the house
    2012 2,445.0 6%
    2013 2,775.1 13%
    2014 3,021.5 9% Obama Capital Gains tax increase and surcharge
    2015 3,249.9 8%
    OMB Historical Tables

    Biden has been doing and is announcing more plans that are exactly the OPPOSITE of what needs to be done just as his failed recovery after the 2008/9 recession. I could not believe he was actually citing it today when he was announcing Gene Sperling, the failed economist of that recovery, being selected by Biden to head the recovery. Oh THAT'S what we need a repeat of the worst recovery in modern history by their own goalpost.
     
    Last edited: Mar 15, 2021
  3. ButterBalls

    ButterBalls Well-Known Member

    Joined:
    Dec 2, 2016
    Messages:
    42,252
    Likes Received:
    29,069
    Trophy Points:
    113
    A democrat President raising tax's and that's news? It was already predicted last year over and over.. The next thing you will hear is CONFLICT someplace in the middle east.. One thing history has taught some of us is, Dems love them some tax money and War'n ;)
     
    Last edited: Mar 15, 2021
  4. ButterBalls

    ButterBalls Well-Known Member

    Joined:
    Dec 2, 2016
    Messages:
    42,252
    Likes Received:
    29,069
    Trophy Points:
    113
    The biggest ruse there is with the DNC, "Raise Min wage" and and increase subsidies allotments IE: child poverty allowance and then "Raise Tax's"! It's the age old DNC Ponzi scheme!!!!
     
    Last edited: Mar 15, 2021
    Esdraelon, PeterL, Matthewthf and 3 others like this.
  5. straight ahead

    straight ahead Well-Known Member

    Joined:
    Dec 20, 2014
    Messages:
    5,041
    Likes Received:
    5,718
    Trophy Points:
    113
    Due to tax "equity", increased taxes will only apply to white people.

    It makes no difference if that statement makes any sense at all. These are liberals. Logic doesn't count. Only feelings do.
     
    Bearack, Matthewthf and ButterBalls like this.
  6. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

    Joined:
    Jan 21, 2016
    Messages:
    22,743
    Likes Received:
    15,655
    Trophy Points:
    113
    $399.K Goood, $400.K Ba'a'a'a'd.
     
    HB Surfer and ButterBalls like this.
  7. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    Why is $400,000 bad? You understand we have a progressive income tax system like most of the world, yes?
     
  8. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    Thanks for sharing your feelings
     
    bigfella and dairyair like this.
  9. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    The question is why is a recovery always needed after a Republican is evicted from office?
     
    bigfella, Quantum Nerd and dairyair like this.
  10. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

    Joined:
    Jan 21, 2016
    Messages:
    22,743
    Likes Received:
    15,655
    Trophy Points:
    113
    Just know that as you point to those with more, demanding they pay more, it won't be long until people are pointing at you. I already pay more than 50% of my hard earned dollar to the government. How much is enough?
     
    Bearack, Matthewthf and ButterBalls like this.
  11. 61falcon

    61falcon Well-Known Member

    Joined:
    Apr 27, 2018
    Messages:
    21,427
    Likes Received:
    12,217
    Trophy Points:
    113
    Gender:
    Male
    Will not result in paying down a dime of our $30 trillion National Debt, we're gonna need a lot more to do any good. Close all the loopholes for the wealthy and corporations.
     
    Matthewthf and cd8ed like this.
  12. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    I make most of my money through capital gains and dividends. I believe both should be taxed as regular income but the right keeps demanding I keep my money.

    As to how much is enough, somewhere after we start paying down our debts, do something about our crumbling infrastructure and implement a national public option. I also hope we start seeing some cuts to some bloated government programs but I doubt that will ever happen.

    It is interesting that so many Americans pay more in taxes by percentage of their income than “socialist” nations but we receive so much less.
     
    zer0lis and Indlib like this.
  13. lemmiwinx

    lemmiwinx Well-Known Member Donor

    Joined:
    Aug 29, 2016
    Messages:
    6,953
    Likes Received:
    4,075
    Trophy Points:
    113
    Gender:
    Male
    Believe me Biden isn't planning anything, not even what he's going to wear tomorrow. All these political statements are coming from Obama and Valerie Jarret.
     
    Esdraelon, Lil Mike, joesnagg and 3 others like this.
  14. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

    Joined:
    Jan 21, 2016
    Messages:
    22,743
    Likes Received:
    15,655
    Trophy Points:
    113
    So you admit we get a bad deal and support more of the same?

    BTW, No one can demand you keep more money. You can pay as much as you like.
     
  15. Bluesguy

    Bluesguy Well-Known Member Donor

    Joined:
    Jun 13, 2010
    Messages:
    140,189
    Likes Received:
    34,035
    Trophy Points:
    113
    Gender:
    Male
    No that is not the question the question is what policies should be adopted to keep the recovery going................can't deal with that our something?
     
    Matthewthf and ButterBalls like this.
  16. Bluesguy

    Bluesguy Well-Known Member Donor

    Joined:
    Jun 13, 2010
    Messages:
    140,189
    Likes Received:
    34,035
    Trophy Points:
    113
    Gender:
    Male
    You understand we already have one of the most progressive tax systems in the world, yes?

    You understand as I posted the facts, tax rate increases do not translate into revenue increases in fact just the opposite tends to occur.

    So what exactly is your tax policy goal, to raise the most revenue with the least impact on the economy or simply to take more of what the highest earners earn so they don't have it?
     
    Matthewthf and ButterBalls like this.
  17. modernpaladin

    modernpaladin Well-Known Member Past Donor

    Joined:
    Apr 23, 2017
    Messages:
    23,068
    Likes Received:
    17,566
    Trophy Points:
    113
    Gender:
    Male
    I dunno if thats where their coming from... but ya, Biden aint planning nothing. He just reads scripts and signs things.
     
    Last edited: Mar 15, 2021
  18. Bluesguy

    Bluesguy Well-Known Member Donor

    Joined:
    Jun 13, 2010
    Messages:
    140,189
    Likes Received:
    34,035
    Trophy Points:
    113
    Gender:
    Male
    Why? And be specific. They are entirely different forms of income.

    You dare say "paying down our debts" when you support this massive increase to our debt the Democrats are adding? When you support tax policies to lower tax revenues?
     
    Matthewthf and ButterBalls like this.
  19. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    I agree we get a bad deal but what do you expect when we have two parties that are “let us show you how bad we can make government” and “we are the most naïve people available”?

    I know I could pay more, but why would I when my neighbor isn’t and just bought a new boat — I am going to get a boat instead.
     
    Quantum Nerd likes this.
  20. cd8ed

    cd8ed Well-Known Member Past Donor

    Joined:
    Jul 19, 2011
    Messages:
    32,357
    Likes Received:
    22,714
    Trophy Points:
    113
    Gender:
    Male
    Why what? Why do I believe they should be taxed as regular income? Because they are... I receive dividends from my companies so I pay less in taxes (if they were taxed the same I wouldn’t take a dividend). Cap gains are on a few properties we flip but make sure occupancy guidelines are met so we bypass the income tax issue — that and the market.

    I don’t support it. I didn’t support the last two either.
     
    Last edited: Mar 15, 2021
  21. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

    Joined:
    Jan 21, 2016
    Messages:
    22,743
    Likes Received:
    15,655
    Trophy Points:
    113
    You make a strong argument for less government. Maybe spending cuts should be the focus; not tax increases. You deserve that boat!
     
  22. Par10

    Par10 Well-Known Member

    Joined:
    Jan 23, 2019
    Messages:
    2,729
    Likes Received:
    2,517
    Trophy Points:
    113
    Gender:
    Male
    $210 billion a year is Pelosi's fun money. They will never pay for the stimulus. They'll just allow inflation to make it go away.
     
  23. ButterBalls

    ButterBalls Well-Known Member

    Joined:
    Dec 2, 2016
    Messages:
    42,252
    Likes Received:
    29,069
    Trophy Points:
    113
    I'm sure you have heard this TO MANY TIMES.. But if you feel so strongly about your over abundant income, then simply give it back to the IRS! I'm sure you'll be tickled pink how they spend it ;)
     
  24. RP12

    RP12 Well-Known Member

    Joined:
    Nov 11, 2011
    Messages:
    48,814
    Likes Received:
    11,709
    Trophy Points:
    113
    My wifes S-corp with her being the only employee would see a tax raise. Thanks... I swear what is it with Progressives not understanding that Corporation is far more complex then the giants like Amazon.
     
    ButterBalls likes this.
  25. RP12

    RP12 Well-Known Member

    Joined:
    Nov 11, 2011
    Messages:
    48,814
    Likes Received:
    11,709
    Trophy Points:
    113
    Again you are able to send more to the IRS if you like.. No one is stopping you.
     

Share This Page